Macatawa Bank (NASDAQ:MCBC) Now Covered by StockNews.com

Research analysts at StockNews.com initiated coverage on shares of Macatawa Bank (NASDAQ:MCBC - Get Free Report) in a report issued on Saturday. The firm set a "sell" rating on the financial services provider's stock.

Separately, Keefe, Bruyette & Woods raised Macatawa Bank from a "market perform" rating to an "outperform" rating and lifted their price target for the stock from $12.00 to $15.00 in a research report on Monday, April 29th.

Macatawa Bank Stock Performance

Shares of MCBC stock traded up $0.07 during trading on Friday, reaching $14.60. The company had a trading volume of 329,392 shares, compared to its average volume of 111,667. The firm's 50 day simple moving average is $14.15 and its two-hundred day simple moving average is $11.76. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.74 and a quick ratio of 0.74. Macatawa Bank has a one year low of $8.31 and a one year high of $14.63. The company has a market capitalization of $501.69 million, a PE ratio of 12.17 and a beta of 0.52.

Macatawa Bank (NASDAQ:MCBC - Get Free Report) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.29 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.01). The business had revenue of $25.39 million during the quarter, compared to the consensus estimate of $26.10 million. Macatawa Bank had a return on equity of 14.73% and a net margin of 30.56%. Sell-side analysts forecast that Macatawa Bank will post 1.19 earnings per share for the current year.

Institutional Trading of Macatawa Bank

Several institutional investors have recently modified their holdings of the company. Empowered Funds LLC grew its holdings in shares of Macatawa Bank by 6.7% during the 1st quarter. Empowered Funds LLC now owns 11,178 shares of the financial services provider's stock worth $109,000 after purchasing an additional 700 shares in the last quarter. Drive Wealth Management LLC boosted its stake in Macatawa Bank by 7.2% in the 1st quarter. Drive Wealth Management LLC now owns 12,609 shares of the financial services provider's stock valued at $123,000 after buying an additional 850 shares in the last quarter. SG Americas Securities LLC boosted its stake in Macatawa Bank by 25.9% in the 4th quarter. SG Americas Securities LLC now owns 14,535 shares of the financial services provider's stock valued at $164,000 after buying an additional 2,993 shares in the last quarter. Los Angeles Capital Management LLC boosted its stake in Macatawa Bank by 3.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 122,816 shares of the financial services provider's stock valued at $1,202,000 after buying an additional 3,740 shares in the last quarter. Finally, Norris Perne & French LLP MI boosted its stake in Macatawa Bank by 36.1% in the 4th quarter. Norris Perne & French LLP MI now owns 17,008 shares of the financial services provider's stock valued at $192,000 after buying an additional 4,508 shares in the last quarter. Institutional investors and hedge funds own 42.49% of the company's stock.

Macatawa Bank Company Profile

Macatawa Bank Corporation operates as the bank holding company for Macatawa Bank that engages in the provision of commercial and consumer banking and trust services. The company accepts various deposits, such as checking accounts, savings accounts, time deposits, regular and money market savings accounts, certificates of deposit, and demand deposits.